Listed mānuka honey company Comvita has increased earnings by 18% in the 2022 financial year to $30.1 million, which it says is the second-best performance in its 50-year history.
Net profit after tax increased by 35% to $12.8m, and a total of 5.5 cents per share will be paid as a fully imputed dividend.
Revenue increased 9% to $208.9m and earnings before interest, tax, depreciation and amortisation (EBITDA) came in at the top end of the guidance range of $28.5 to $30m.
Directors are forecasting continued double-digit earnings growth in FY23 and said the company is on track to deliver its $50m EBITDA target in 2025.
Comvita has been following a transformation strategy for more than two years after making losses in 2020, reducing debt and refocusing on growth markets, channels and categories.
The 2022 mānuka honey harvest was 500 tonnes, a sizeable increase on the 370t in the previous season but still well below 2020 when 700t was harvested.
The company now believes it is the largest native forest owner, with 7500ha. It has a planting target of 20,000ha over seven years.
Sales in China were up 4% and the greater China market accounted for 46% of revenue.
Australia and New Zealand sales were the second-biggest region, with a 15% share, and sales in North America accounted for a similar proportion.
Comvita has 69.7 million securities issued and a market capitalisation of $230m at its current $3.30 share price, largely steady over the past three months.
